Track market-moving stories before they get noisy

Posted by Defense World Staff on Jul 23rd, 2026

Allspring Global Investments Holdings LLC lifted its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) by 12.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 53,157 shares of the business services provider’s stock after buying an additional 5,714 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Automatic Data Processing were worth $10,699,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Imprint Wealth LLC acquired a new stake in shares of Automatic Data Processing during the 3rd quarter valued at $25,000. Cornerstone Financial Management LLC acquired a new position in Automatic Data Processing in the 4th quarter worth about $26,000. Bard Associates Inc. bought a new position in Automatic Data Processing in the fourth quarter valued at about $28,000. Whipplewood Advisors LLC raised its position in Automatic Data Processing by 2,740.0% in the first quarter. Whipplewood Advisors LLC now owns 142 shares of the business services provider’s stock valued at $29,000 after purchasing an additional 137 shares during the last quarter. Finally, Prosperity Bancshares Inc acquired a new stake in shares of Automatic Data Processing during the fourth quarter valued at about $33,000. 80.03% of the stock is currently owned by institutional investors.

Automatic Data Processing Stock Down 1.3% Automatic Data Processing stock opened at $243.12 on Thursday. The firm has a market cap of $97.18 billion, a price-to-earnings ratio of 22.68 and a beta of 0.83. Automatic Data Processing, Inc. has a 52-week low of $188.16 and a 52-week high of $315.98. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a 50 day moving average price of $230.21 and a two-hundred day moving average price of $224.41.

Automatic Data Processing (NASDAQ:ADP – Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The business services provider reported $3.37 EPS for the quarter, beating analysts’ consensus estimates of $3.30 by $0.07. Automatic Data Processing had a net margin of 20.12% and a return on equity of 68.82%. The company had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.85 billion. During the same period in the prior year, the firm posted $3.06 EPS. The company’s quarterly revenue was up 7.0% on a year-over-year basis. Automatic Data Processing has set its FY 2026 guidance at 11.010-11.110 EPS. Equities analysts predict that Automatic Data Processing, Inc. will post 11.08 EPS for the current year.

Key Stories Impacting Automatic Data Processing Here are the key news stories impacting Automatic Data Processing this week:

Positive Sentiment: Cantor Fitzgerald raised its price target on ADP to $295 from $244 and reiterated an overweight rating, signaling meaningful upside from current levels. Cantor Fitzgerald raises ADP price target Positive Sentiment: UBS also lifted its price target on ADP to $270 from $260 while maintaining a neutral view, adding to the stock’s recent analyst support. UBS raises ADP price target Positive Sentiment: Zacks noted that ADP has gained about 23% over the past three months, supported by margin expansion, strong earnings growth, steady dividends, and solid liquidity. ADP stock gains 23% in 3 months Positive Sentiment: ADP said its latest weekly private payroll estimate showed U.S. private employers added an average of 16,500 jobs per week for the four weeks ending July 4, reinforcing the company’s payroll data relevance. ADP National Employment Report preliminary estimate Neutral Sentiment: ADP’s June private-sector hiring report came in slightly below economists’ expectations, with 98,000 jobs added versus forecasts for 110,000, which may temper enthusiasm but does not indicate a major setback. ADP June private-sector hiring report Neutral Sentiment: ADP is expected to report earnings next week, and Zacks says the setup still looks favorable for a potential earnings beat, but this remains an anticipatory catalyst rather than a confirmed result. ADP earnings expectations ahead of release Negative Sentiment: MarketWatch noted ADP underperformed peers on Tuesday, suggesting some near-term relative weakness versus competitors. ADP underperforms competitors Analyst Ratings Changes Several analysts have recently weighed in on the company. Citigroup reduced their price target on Automatic Data Processing from $265.00 to $230.00 and set a “neutral” rating on the stock in a report on Thursday, April 30th. BMO Capital Markets cut their target price on shares of Automatic Data Processing from $281.00 to $234.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 7th. Wells Fargo & Company boosted their target price on shares of Automatic Data Processing from $214.00 to $248.00 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Cantor Fitzgerald upped their price target on shares of Automatic Data Processing from $244.00 to $295.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Morgan Stanley dropped their price target on shares of Automatic Data Processing from $311.00 to $274.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 28th. Three analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $256.00.

Get Our Latest Stock Analysis on Automatic Data Processing

Automatic Data Processing Profile (Free Report)

Automatic Data Processing, Inc (ADP) is a global provider of cloud-based human capital management (HCM) and payroll solutions. Founded in 1949 and headquartered in Roseland, New Jersey, ADP began as a payroll processing company and has evolved into a diversified provider of workforce management, HR, benefits administration, tax and compliance services, and analytics for employers of all sizes.

ADP’s product portfolio includes payroll processing and tax filing, time and attendance systems, benefits administration, talent management, and HR outsourcing.

See Also Five stocks we like better than Automatic Data Processing Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play Want to see what other hedge funds are holding ADP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report).

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Wall Street expects a year-over-year increase in earnings on higher revenues when Automatic Data Processing (ADP - Free Report) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on July 29, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis payroll and human resources company is expected to post quarterly earnings of $2.59 per share in its upcoming report, which represents a year-over-year change of +14.6%.

Revenues are expected to be $5.43 billion, up 5.9% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for ADP?For ADP, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +0.16%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination indicates that ADP will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that ADP would post earnings of $3.28 per share when it actually produced earnings of $3.37, delivering a surprise of +2.74%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

ADP appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerF5 Networks (FFIV - Free Report) , another stock in the Zacks Internet - Software industry, is expected to report earnings per share of $3.98 for the quarter ended June 2026. This estimate points to a year-over-year change of -4.3%. Revenues for the quarter are expected to be $832.12 million, up 6.6% from the year-ago quarter.

The consensus EPS estimate for F5 has remained unchanged over the last 30 days. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -0.83%.

This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that F5 will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Posted by Defense World Staff on Jul 22nd, 2026

Assetmark Inc. boosted its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) by 25.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 25,074 shares of the business services provider’s stock after buying an additional 5,057 shares during the quarter. Assetmark Inc.’s holdings in Automatic Data Processing were worth $5,095,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently bought and sold shares of ADP. Brighton Jones LLC increased its stake in shares of Automatic Data Processing by 92.1% during the 4th quarter. Brighton Jones LLC now owns 10,026 shares of the business services provider’s stock worth $2,935,000 after purchasing an additional 4,808 shares in the last quarter. Bison Wealth LLC lifted its position in shares of Automatic Data Processing by 22.8% in the fourth quarter. Bison Wealth LLC now owns 3,664 shares of the business services provider’s stock valued at $1,073,000 after acquiring an additional 681 shares in the last quarter. Schnieders Capital Management LLC. grew its holdings in shares of Automatic Data Processing by 21.8% during the second quarter. Schnieders Capital Management LLC. now owns 1,259 shares of the business services provider’s stock worth $388,000 after buying an additional 225 shares in the last quarter. Osterweis Capital Management Inc. purchased a new stake in Automatic Data Processing in the 2nd quarter worth approximately $108,000. Finally, Diversify Advisory Services LLC increased its stake in Automatic Data Processing by 17.5% in the second quarter. Diversify Advisory Services LLC now owns 5,477 shares of the business services provider’s stock valued at $1,641,000 after purchasing an additional 815 shares during the last quarter. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades ADP has been the topic of a number of recent analyst reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Automatic Data Processing in a research note on Tuesday, July 7th. Robert W. Baird cut their price objective on Automatic Data Processing from $300.00 to $270.00 in a report on Thursday, April 30th. Morgan Stanley cut their price target on shares of Automatic Data Processing from $311.00 to $274.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 28th. Citigroup lowered their target price on Automatic Data Processing from $265.00 to $230.00 and set a “neutral” rating for the company in a research note on Thursday, April 30th. Finally, Stifel Nicolaus lifted their target price on Automatic Data Processing from $240.00 to $260.00 and gave the stock a “hold” rating in a research report on Wednesday, July 8th. Three analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $248.64.

Check Out Our Latest Research Report on ADP

Automatic Data Processing Stock Performance Shares of ADP opened at $246.22 on Wednesday. Automatic Data Processing, Inc. has a 1 year low of $188.16 and a 1 year high of $315.98. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market cap of $98.42 billion, a price-to-earnings ratio of 22.97 and a beta of 0.83. The firm has a fifty day moving average of $229.52 and a 200-day moving average of $224.51.

Automatic Data Processing (NASDAQ:ADP – Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The business services provider reported $3.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.30 by $0.07. The company had revenue of $5.94 billion during the quarter, compared to analyst estimates of $5.85 billion. Automatic Data Processing had a return on equity of 68.82% and a net margin of 20.12%.The firm’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.06 EPS. Automatic Data Processing has set its FY 2026 guidance at 11.010-11.110 EPS. As a group, equities analysts anticipate that Automatic Data Processing, Inc. will post 11.08 earnings per share for the current year.

About Automatic Data Processing (Free Report)

Automatic Data Processing, Inc (ADP) is a global provider of cloud-based human capital management (HCM) and payroll solutions. Founded in 1949 and headquartered in Roseland, New Jersey, ADP began as a payroll processing company and has evolved into a diversified provider of workforce management, HR, benefits administration, tax and compliance services, and analytics for employers of all sizes.

ADP’s product portfolio includes payroll processing and tax filing, time and attendance systems, benefits administration, talent management, and HR outsourcing.

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Private companies added a net 98,000 jobs in June after adding 122,000 jobs in May, ADP said, compared with economists' expectations of 110,000 new private-sector jobs added.

Posted by Defense World Staff on Jul 19th, 2026

Copeland Capital Management LLC cut its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) by 90.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,178 shares of the business services provider’s stock after selling 38,477 shares during the quarter. Copeland Capital Management LLC’s holdings in Automatic Data Processing were worth $849,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of ADP. Assetmark Inc. grew its holdings in shares of Automatic Data Processing by 25.3% in the 1st quarter. Assetmark Inc. now owns 25,074 shares of the business services provider’s stock valued at $5,095,000 after acquiring an additional 5,057 shares in the last quarter. Angeles Wealth Management LLC increased its position in shares of Automatic Data Processing by 14.7% in the first quarter. Angeles Wealth Management LLC now owns 2,197 shares of the business services provider’s stock valued at $450,000 after acquiring an additional 281 shares during the last quarter. Financiere des Professionnels Fonds d investissement inc. bought a new stake in Automatic Data Processing during the first quarter worth about $163,000. Allspring Global Investments Holdings LLC boosted its position in Automatic Data Processing by 12.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 53,157 shares of the business services provider’s stock valued at $10,699,000 after purchasing an additional 5,714 shares during the last quarter. Finally, Independent Financial Group LLC acquired a new position in Automatic Data Processing during the first quarter valued at approximately $421,000. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth ADP has been the topic of several recent analyst reports. UBS Group boosted their price target on Automatic Data Processing from $210.00 to $218.00 and gave the stock a “neutral” rating in a research report on Thursday, April 30th. BMO Capital Markets dropped their price objective on Automatic Data Processing from $281.00 to $234.00 and set a “market perform” rating on the stock in a research note on Tuesday, April 7th. Jefferies Financial Group cut their price objective on Automatic Data Processing from $230.00 to $190.00 in a report on Thursday, April 30th. Weiss Ratings reissued a “hold (c-)” rating on shares of Automatic Data Processing in a research note on Tuesday, July 7th. Finally, Morgan Stanley lowered their target price on shares of Automatic Data Processing from $311.00 to $274.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 28th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $248.64.

Read Our Latest Research Report on ADP

Automatic Data Processing Stock Performance Shares of ADP stock opened at $255.26 on Friday. The company has a market capitalization of $102.04 billion, a price-to-earnings ratio of 23.81 and a beta of 0.83. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.04 and a current ratio of 1.04. The company has a 50-day simple moving average of $228.00 and a 200 day simple moving average of $224.86. Automatic Data Processing, Inc. has a 52 week low of $188.16 and a 52 week high of $315.98.

Automatic Data Processing (NASDAQ:ADP – Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The business services provider reported $3.37 EPS for the quarter, beating analysts’ consensus estimates of $3.30 by $0.07. The business had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.85 billion. Automatic Data Processing had a net margin of 20.12% and a return on equity of 68.82%. Automatic Data Processing’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.06 EPS. Automatic Data Processing has set its FY 2026 guidance at 11.010-11.110 EPS. On average, sell-side analysts predict that Automatic Data Processing, Inc. will post 11.08 earnings per share for the current year.

Automatic Data Processing Company Profile (Free Report)

Automatic Data Processing, Inc (ADP) is a global provider of cloud-based human capital management (HCM) and payroll solutions. Founded in 1949 and headquartered in Roseland, New Jersey, ADP began as a payroll processing company and has evolved into a diversified provider of workforce management, HR, benefits administration, tax and compliance services, and analytics for employers of all sizes.

ADP’s product portfolio includes payroll processing and tax filing, time and attendance systems, benefits administration, talent management, and HR outsourcing.

Recommended Stories Five stocks we like better than Automatic Data Processing Netflix May Be Cheap Enough to Tempt Buyers After Earnings Drop Delta vs. United: Which Airline Is Better Built for Higher Fuel Costs? The Market Sold Alcoa After Earnings—But It May Be Missing the Real Story Why Intuitive Surgical’s Strong Quarter Still Spooked Investors Want to see what other hedge funds are holding ADP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report).

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It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.

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Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.

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Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

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Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

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To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.

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Stock to Watch: Automatic Data Processing (ADP - Free Report) Automatic Data Processing, Inc. is one of the leading providers of cloud-based Human Capital Management (HCM) technology solutions - including payroll, talent management, Human Resources and benefits administration, and time and attendance management - to employers around the world. The company delivers its global HCM strategy and makes investments in highly strategic areas and technology in order to strengthen its underlying business model and prospects for continued growth.

ADP is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Momentum investors should take note of this Computer and Technology stock. ADP has a Momentum Style Score of A, and shares are up 6.9% over the past four weeks.

One analyst revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.01 to $11.08 per share. ADP boasts an average earnings surprise of +2%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, ADP should be on investors' short list.

ADP's research arm will begin publishing a Canada pay insights report beginning Sept. 3, providing what it said will be an independent labor market indicator of wage trends based on anonymized payroll data representing about 1 million workers in the country.

On July 07, 2026, we delve into the DCF analysis for Automatic Data Processing Inc (ADP). The company has experienced a price performance of +6.5% over the past

Key Takeaways ADP's AI tools saved payroll time, cut HR action clicks, and lowered call volumes and labor in India.ADP expects a 70-80 bps adjusted EBIT margin expansion in fiscal 2026, with EPS growth of 10-11%.ADP has strong liquidity, regular dividends and no current debt, but PEO margins and volume remain pressured. Shares of ADP (ADP - Free Report) have gained 16.4% over the past three months, beating the industry’s 6.8% rally and the Zacks S&P 500 Composite's 14.7% rise.

3-Month Share Price Performance                                                               Image Source: Zacks Investment Research

The Zacks Consensus Estimate for 2026 revenue is $21.9 billion, suggesting 6.6% year-over-year growth. For 2027, the same is expected to increase 5.9%. For EPS, the consensus estimate is set at $11.08, indicating a 10.7% rally from that reported in the preceding year. The same is expected to move up 10% year over year in 2027.

Factors That Augur Well for ADP’s SuccessAI Unlocks Operational Prowess: ADP Assist Payroll, which is an AI-powered HR and payroll assistant, saved 30 minutes per payroll. Smart Actions search led to a reduction in clicks and time expenditure by nearly 80% for common HR actions. The company witnessed a dip in cost to serve and an improvement in clients’ experience from productivity gains facilitated by AI incorporated in service tools and product innovation.

For instance, ADP’s RUN platform and AI-powered tools deployed to benefit more than 900,000 small business clients resulted in an 8% year-over-year decline in client contracts during the third quarter of fiscal 2026, the busiest quarter. First-time deployment of AI in India allowed ADP to reduce call volumes and labor by 35%.

Pricing Power Drives Margins: In the third quarter of fiscal 2026, ADP stated an expected 70-80 basis point (bps) expansion in its adjusted EBIT margin for fiscal 2026. It is bolstered by a 130-bps expansion in Employer Services (ES) margins reported in the third quarter of fiscal 2026.

With margins gaining momentum, ADP’s earnings moved up to $3.38 per share from the year-ago quarter’s $3.06. Capitalizing on this enhancement, management expects adjusted diluted EPS growth to be 10-11% for fiscal 2026. These metrics paint an attractive profile highlighting its ability to scale profitability.

Ideal for Income-Seeking Investors: ADP pays out dividends regularly, with $1.9 billion, $2.2 billion and $2.4 billion paid out to its shareholders in fiscal 2023, 2024 and 2025, respectively. Furthermore, the company raised its quarterly payout to $1.7 per share at the end of 2025 and kept it consistent for the first, second and third quarters of fiscal 2026.

This is a shareholder-friendly move, capitalizing on steady income growth and cash flow over the past years. Betting on this bullish trajectory, we expect the company to pay out stable dividends, which is a green flag for dividend-seeking investors.

Solid Balance Sheet Drives Liquidity: ADP ended the third quarter of fiscal 2026 with a cash chest of $3.2 billion against no current debt. A current ratio of 1.04 solidifies ADP’s ability to pay off short-term obligations, signaling a strong liquidity position. While the company holds nearly $4 billion in long-term debt, a 13.5X times interest earned multiple flaunts robust debt coverage ability, fueling investor optimism.

Risks Faced by ADPPEO Segment’s Margin Setback: The PEO segment gained 6.5% year over year in revenues during the third quarter of fiscal 2026, representing 32% of the top line. Despite this improvement, segmental margins declined by 120 basis points from the year-ago quarter. While the primary factor affecting margins was increasing selling expenses, the drag was furthered by higher state unemployment insurance costs and lower positive reserve releases in workers’ compensation reserves for indemnity.

Softening Volume: Low baseline volume growth is demonstrated by the rally in ES pays per control stalling at 1%. This weak expansion is affected by softening of PEO pays per control, which strips away high-margin revenue streams, affecting PEO margins. It hints at a structural shift in ADP’s growth story, which unveils that the expansion is no longer accelerated by additions of organic headcount or raw workforce volume.

High Competition Faced Across Segments: ADP operates in a fiercely competitive environment in each of its product lines. Both its Employer Services and PEO Services segments compete with other independent business outsourcing companies in most of their operating regions. ADP has observed negative impacts on its retention rate due to the rising competition and migration from the legacy business.

ADP’s Zacks Rank & Stocks to ConsiderThe company has a Zacks Rank #3 (Hold) at present.

Some better-ranked stocks from the broader Zacks Computer and Technology sector are BILL Holdings (BILL - Free Report) and Datadog (DDOG - Free Report) , currently flaunting a Zacks Rank #1 (Strong Buy) and Zacks Rank #2 (Buy), respectively. You can see the complete list of today’s Zacks #1 Rank stocks here.

BILL Holdings has a long-term earnings growth expectation of 30%. BILL delivered a trailing four-quarter earnings surprise of 21.7%, on average.

Datadog has a long-term earnings growth expectation of 15.3%. DDOG delivered a trailing four-quarter earnings surprise of 15.4%, on average.

Ending the trading week early with Friday’s observance of Independence Day, we cram together the last two “Jobs Week” data points: Weekly Jobless Claims and monthly non-farm employment. Pre-market indexes advanced further into the green immediately following these releases: the Dow is +300 points, the S&P 500 +35 and the Nasdaq +240 points. The small-cap Russell 2000, outperforming all major indexes in the first half of 2026, is up +18 points currently.

Non-Farm Payrolls Gain Only Half Expectations: +57KToday’s Employment Situation report from the U.S. Bureau of Labor Statistics (BLS) is out a day earlier than normal, coming in roughly half what analysts had been expecting: +57K, and well off the downwardly revised +129K for May, which itself fell from +172K originally reported (April was revised down from +179K a month ago to +148K in its final print). The Unemployment Rate dipped 10 basis points (bps) to +4.2%, the lowest in a year.

Before we dig too far into the details, let’s give some context to these shrinking jobs gains: this is the fourth-straight month of job growth from the BLS, which we haven’t seen since the spring of 2025. Before this positive string, we saw five of the previous nine months posting negative jobs numbers. In this way, the BLS figures are correlating with Wednesday’s private-sector payrolls from ADP ((ADP - Free Report) : perhaps weaker than recent trajectories had indicated, but positive jobs growth nevertheless.

Month over month Average Hourly Earnings were right in-line with expectations at +0.3%, where we also were a month ago and up 10 bps from March and April’s +0.2%. Year over year, Wages grew by +3.5%, also in-line, and up 10 bps month over month. We haven’t seen wage-growth figures notably adding to inflation levels since the last few months of last year — a positive for economists (like the Fed) who are looking closely at such things.

That said, Labor Force Participation disappointed at +61.5% — the weakest number since May of 2021, when these figures had been ramping up. This helps explain the dip in Unemployment, but not in a good way. A weakening participation rate is not a positive sign for what otherwise looks like a relatively healthy labor market. The U-6 rate, aka “real unemployment,” dips 20 bps month over month to +7.9%, the lowest since +7.7% reported a year ago.

By industry, Professional & Business Services led the way, somewhat surprisingly: +36K, followed by Social Assistance at +28K and Healthcare +22K. Manufacturing grew by only +3K and Construction was “little changed” — strange, considering that we’re busy with data center buildouts across the country. Leisure & Hospitality, once the leading force in domestic job creation, lost -61K for the month, including -55K in Food Services. This is remarkable in that many analysts had expected a boost to this industry based on the U.S. hosting the FIFA World Cup this summer at various locations around the country.

Perhaps we’ll need to see some revisions in the coming months to get a better idea of how summer jobs growth has transpired this year. The good news is we’re out of the trough we’d spent much of the last year in — all jobs numbers say so. But it appears the numbers aren’t quite so robust as they initially appeared.

Weekly Jobless Claims Narrow, Stay ConsistentOne of the steadiest series of labor data going back a year or more has been Weekly Jobless Claims, of which Initial Jobless Claims came in at +215K last week. This is down -5K from expectations, and a slight dip from the upwardly revised +216K the prior week. For the past year and a half or so, this is where we’ve averaged seeing new jobless claims, aside from a couple dips and jumps here and there.

Continuing Claims, posted a weeks in arrears from Initial Claims, reached 1.814 million, a smidge up from the downwardly revised 1.812 million for the previous week. Though we’re now above 1.8 million for the third-straight week, we remain well off the +1.9 million and higher we routinely saw every week last fall. Again, muted positive jobs data — but that’s a lot better than it might be.

What to Expect from the Market TodayFactory Orders for May come out after the opening bell and June Auto Sales will report throughout the course of the day today. We expect low trading volume based on the three-day weekend ahead of us. We’ll see if market gains in the early session sustain themselves ahead of the close, which is the regular 4pm ET this afternoon.

Wall Street is having a split personality on the first trading day of July. As of 11:29 a.m. ET, the S&P 500 (^GSPC 0.05%) gained 0.1% and the Dow Jones Industrial Average (^DJI +0.09%) added 0.2%. At the same time, the Nasdaq Composite (^IXIC 0.47%) was down by 0.2%.

None of these moves were big or dramatic, but plenty was going on underneath the composite stillness of the major index moves.

^DJI data by YCharts

Cloud wars heat up as chip investors cash out Meta Platforms (META +9.92%) surged 11.3%, adding $179 billion in market capitalization. Bloomberg reported the company is building a cloud business to sell excess AI computing capacity, kind of like when Amazon (AMZN +2.35%) started selling access to its oversized data centers 20 years ago. Is Meta building the Amazon Web Services (AWS) of the next era?

The gain made Meta the largest contributor to both the S&P 500 and Nasdaq Composite, single-handedly offsetting significant losses elsewhere in the tech sector. The direct losers in Meta's AI resale scenario are the neocloud companies that specialize in this exact kind of service. CoreWeave (CRWV 12.79%) dropped 14% on the news that a company with Meta's resources might be coming for its lunch.

Image source: Getty Images.

The iShares Semiconductor ETF (SOXX 6.13%) dropped 4.7%, with Micron Technology (MU 9.85%) leading the retreat at an 8.2% price drop. After more than tripling in Q2 2026, Micron investors apparently decided to lock in some profits at the start of Q3.

Caterpillar (CAT 7.39%) dragged on the Dow, falling 5.1% and subtracting 323 points from the index. The industrial giant gave back much of Tuesday's gains amid broader uncertainty over Middle East tensions and global growth concerns. Honeywell International (HON 0.96%) continued its post-spinoff slide, down 8.1% and costing the Dow another 118 points.

Fed Chair Kevin Warsh spoke in Portugal and stuck to his new playbook of not telling anyone what the Fed plans to do. He mentioned that "prices are too high," which sent Treasury yields higher.

And I can't skip the Strait of Hormuz, where the vessel backlog eased slightly to 385 ships from 485 on Tuesday. Only five transits occurred in the past 24 hours, though. Others are going back in dock to unload their goods and wait for calmer political waters before trying again.

Today's Change

(

0.09

%) $

47.07

Current Price

$

52366.27

The Week Ahead The second half of 2026 is off to a bumpy start, which shouldn't surprise anyone after the first half's volatility. The Dow gained 8.9%, the S&P 500 rose 9.6%, and the Nasdaq climbed 12.8% through June, all experiencing painful drawdowns along the way.

Meta's cloud ambitions add a new wrinkle to the AI infrastructure story. Big tech companies have collectively spent over $700 billion on AI this year, and now they're looking for ways to monetize that investment beyond their core businesses. Selling spare computing power is one answer.

Economic data releases will drive market sentiment at the end of another shortened market week. Thursday brings the June unemployment report, which traders will scrutinize for clues about Fed policy. Wednesday's independent jobs report from Automatic Data Processing (ADP +5.17%) came in light at 98,000 private payroll additions versus 110,000 expected, suggesting the labor market may be cooling.

Anders Bylund has positions in Amazon and Micron Technology. The Motley Fool has positions in and recommends Amazon, Caterpillar, Honeywell Technologies, Meta Platforms, Micron Technology, and iShares Semiconductor ETF. The Motley Fool has a disclosure policy.

Pre-market futures begin the first trading session of the second half of calendar 2026 in the red so far. Considering myriad stresses on the global marketplace over the first half of the year, with oil supply shocks from the closing of the Strait of Hormuz and tariff costs rebalancing global trade at the top of the list, markets are doing quite well.

The Dow is +8.6% since the start of the year, the S&P 500 is +9.4%, the Nasdaq +19.3% and the small-cap Russell 2000 — usually the laggard among top indexes — leads 2026 to this point: +21.6%. The AI trade fostered market advancements with capex initiatives, but data-center buildouts and clinical-trial improvements at smaller biotechs have now become part of the narrative.

ADP Jobs Dip Below 100K in JunePrivate-sector payrolls from Automatic Data Processing ((ADP - Free Report) this morning posted job gains in June of +98K, below the +110K analysts were predicting and beneath the unrevised +122K ADP released a month ago. This is the first month since March we’ve been sub-100K, but at +98K we’re right in line with the trailing 4-month average. Compare that to the prior 4 months: +49K. A year ago we were in a months-long series of negative ADP jobs growth.

Services made up nearly all the jobs gains last month: +96K. Private-sector payrolls were fairly evenly split in terms of business size: small companies (sub-50 employees) +53K, medium-sized firms (between 51-499 workers) +29K and large corporations +25K. This is the second-straight month smaller businesses have outperformed on private-sector job growth.

This report was led, unsurprisingly, by Education/Healthcare at +48K, Trade/Transportation/Utilities +15K and Financial Services +14, with a big drop-off to Manufacturing at +3K and Construction and Leisure/Hospitality at +2K each. Job Stayers averaged an increase of +4.4% in pay, Job Changers saw +6.6%. This gap had narrowed somewhat in previous months but seems to be holding steady now.

In short, we’re far from the 250K+ jobs gains we were seeing from the summer of 2021 through the summer of 2023 (the “Great Reopening”), but we’ve also seen 12 consecutive months of positive private-sector jobs growth. Before that, 6 of the prior 10 months were negative.

What to Expect from the Stock Market TodayThough we may be kicking off this trading session lower, keep in mind we were in a similar place 24 hours ago. But with ongoing talks about a peace deal with Iran (Doha is hosting lower-level officials hashing out details, as per “normal” peace talks) while oil tankers continue to travel the Strait of Hormuz, and a continuing spread of the AI revolution advancing past the biggest tech names, the overall market appears to be sitting pretty.

Final S&P Manufacturing PMI is due after the opening bell this morning, and we’re looking for a number similar to the 55.7 released in the preliminary report. ISM Manufacturing for June is expected to tick down 10 basis points (bps) to 53.9% from the last print. Both of these metrics are safely above the 50 threshold which determines growth. Construction Spending for May is estimated at +0.2%, half the +0.4% reported a month ago.

Tomorrow will be the final trading day of the week, with Friday a market holiday in observance of U.S. Independence Day. Thus, “Jobs Week” concludes with an earlier-than-normal BLS Employment Situation report, where +115K jobs are expected to have been filled last month in all non-farm payrolls. Also Weekly Jobless Claims are due for release, as most Thursday mornings.

(Kitco News) - The gold market is trading higher on Wednesday morning after the latest employment data showed the U.S. labor market adding fewer jobs than expected, according to private sector payrolls processor ADP.

On Wednesday, ADP announced that 98,000 jobs were created in September. The report was worse than expectations, as consensus forecasts called for job gains of 105,000. May’s figure was unrevised from the initial reading of 122,000 net jobs.

"The pace of hiring is telling a story of both supply and demand,” said Dr. Nela Richardson, chief economist at ADP. “We know it's taking people longer to find work, but there also are signs of labor supply constraints in certain industries. For now, the overall effect is a slowdown in job creation.”

The gold market continued to trade near session highs after the latest employment data. Spot gold last traded at $4,026.83 per ounce, up 0.48% on the day.

The report noted that job creation was uneven in June. “Financial activities and information were among the gainers, while leisure and hospitality delivered a sixth month of weak hiring,” the report said.

Petros Pantzari, Chief Dealer at Monaxa, told Kitco News the ADP print is soft-dollar, gold-supportive. 

"A cooler jobs print tells traders the U.S. labour market is losing momentum, which can pull Treasury yields lower and strengthen expectations that the Fed may need to lean more dovish," he said. "That usually pressures the U.S. dollar, while gold gets a bid because lower yields reduce the cost of holding non-yielding assets. The key caveat: if markets read this as growth fear rather than just Fed-relief, the dollar may find some safe-haven support — but the clean immediate reaction is dollar down, gold up."

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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SummaryAutomatic Data Processing, Inc. becomes attractive after a 17% price decline, as the market overreacts to AI disruption risks.ADP's Q3 2026 revenue grew 7% YoY to $5.9B, with all business segments and PEO services showing robust demand and increased client reliance.ADP's deep client integration, comprehensive compliance solutions, and data moat make client migration to AI alternatives costly and complex.The company benefits from interest income on $48.3B in client funds and maintains strong liquidity, covering 81% of borrowings with $3.2B in cash. J Studios/DigitalVision via Getty Images

In the age of the AI revolution, lots of opportunities are coming into the market as more businesses aim to automate their processes. But for the HCM industry, or human capital management, the impact can be disruptive if

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in ADP over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

We begin a new holiday-shortened trading week (we’ll observe Independence Day this year on Friday, July 3rd, which will make for a nice three-day weekend) looking at jobs numbers from last week, last month and before. We call it “Jobs Week” in this column — each month we’re treated to quality updates of the domestic labor market. Of late, these figures appear to be improving from the doldrums of last year around this time.

Oil prices are back down to pre-Iran war lows, $70 per barrel (/bbl) on WTI and $72/bbl on Brent crude, despite renewed fighting over the weekend as both the U.S. and Iran try to hang onto the peace agreement -- or Memorandum of Understanding -- that aim to bring hostilities to an end between the two countries. This is proving to be a marathon, not a print, so it behooves us to keep an eye on developments throughout every trading week in current conditions.

Jobs Report Releases Throughout This WeekStarting Tuesday, we’ll see the Job Openings and Labor Turnover Survey (JOLTS) report one month in arrears from other employment data: May. Following the highest levels since November 2024 last month at 7.6 million, expectations are for this to go a smidge higher, to 7.7 million. Professional & Business Services had a huge month in job openings last time around, +668K, and every region gained except for the Midwest, which trimmed openings by -11K.

Wednesday brings us private-sector payrolls from Automatic Data Processing ((ADP - Free Report) for June, and here we’re also coming off the highest levels of the year: +122K for May. We expect this to roll back somewhat, to +110K, but this would still provide the first cluster of +100K private-sector jobs for three straight months since November ’24 through January ’25. March through June of last year brought us four-straight negative private sector jobs numbers, so we’re clearly up off the mat in this regard.

On Thursday, the final day of trading for the week with Friday off, we expect both the normal Weekly Jobless Claims reports and non-farm payrolls from the U.S. Bureau of Labor Statistics (BLS). This is the Big Kahuna of monthly labor data, including a Household Survey that brings us a fresh Unemployment Rate, which is projected to remain steady at an historically healthy +4.3%.

Headline BLS for June is expected to come down to 118K from 172K reported a month ago. This would bring us the second-straight lower monthly jobs tally, but three-straight above +100K for the first time in more than two years. Wages are expected to have grown steadily, +0.3% month over month and +3.5% year over year. We’ve come a long way from the February dive of -159K jobs, which was the worse labor force performance since the Covid pandemic.

, /PRNewswire/ -- ADP (Nasdaq: ADP), a global leader in HR and payroll solutions, is scheduled to release its financial results for the fourth fiscal quarter ending June 30, 2026 before the opening of the Nasdaq on July 29, 2026.

ADP will also be hosting a conference call at 8:30 a.m. ET on July 29, 2026 to discuss these results.  Maria Black, President & Chief Executive Officer, Peter Hadley, Chief Financial Officer and Matthew Keating, Vice President of Investor Relations, will be participating on the call.

Please note that ADP no longer publishes its financial results over a news wire service. Instead, the results will be posted on the Investor Relations section of adp.com. The company will issue an alert over a news wire to indicate the earnings materials are publicly available, including a link to those documents.

Investors and interested participants are invited to listen to the conference call and view the accompanying slide presentation via live webcast.  The conference call will be webcast live on ADP's website at investors.adp.com and will be available for replay following the call.  The slide presentation will be available shortly before the webcast.

About ADP (Nasdaq: ADP)
ADP has been shaping the world of work with innovation and expertise for more than 75 years. As a global leader in HR and payroll solutions, ADP continuously works to solve business challenges for our clients and their workers, from simple, easy-to-use tools for small businesses to fully integrated platforms for global enterprises – and everything in between. Always Designing for People means we're focused on just that – people. We use our unmatched AI-driven insights and proven expertise to design innovative solutions that help people achieve greater success at work. More than 1.1 million clients across 140+ countries rely on ADP's exceptional service to support their people and drive their business forward. HR, Talent, Time Management, Benefits, Compliance, and Payroll. Learn more at ADP.com

ADP, the ADP logo, and Always Designing for People are trademarks of ADP, Inc.

Copyright © 2026 ADP, Inc. All rights reserved.

ADP-Investor Relations

Contact:
973.974.5858 
[email protected] 

SOURCE ADP - IR

, /PRNewswire/ -- For the four weeks ending June 6, 2026, U.S. private employers added an average of 30,750 jobs per week, according to the NER Pulse, a weekly update of the monthly ADP National Employment Report (NER). 

It was the first pickup in hiring since May 2, 2026. These numbers are preliminary and could change as new data is added.

ADP Research Week ending

Change

(Four-week moving
average, seasonally
adjusted)

6/6/2026

30,750

5/30/2026

26,500

5/23/2026

29,000

5/16/2026

30,500

5/9/2026

35,750

5/2/2026

40,750

4/25/2026

33,000

4/18/2026

30,250

4/11/2026

39,250

4/4/2026

40,250

3/28/2026

40,250

3/21/2026

26,000

The NER Pulse is an estimate of the week-over-week change in employment based on a four-week moving average. These estimates are based on ADP's finely tuned, high-frequency data. The data is seasonally adjusted and have a two-week lag to allow for more complete and accurate estimates of real-time employment trends.

The NER Pulse, including 12 weeks of historical data, publishes every Tuesday at 8:15 a.m. ET, except weeks when ADP Research publishes the monthly National Employment Report which is built on a reference week that includes the 12th day of the month. The press release is available Tuesdays at 8:15 a.m. ET in the ADP Media Center. The NER Pulse is also available shortly after 8:15 a.m. ET on release days at ADP Research and in Main Street Macro.

The next NER Pulse will be released July 7, 2026. For upcoming release dates please refer to the calendar on the NER website.

The ADP National Employment Report and the NER Pulse are produced by ADP Research in collaboration with the Stanford Digital Economy Lab.

About ADP Research 
The mission of ADP Research is to make the future of work more productive through data-driven discovery. Companies, workers, and policy makers rely on our finely tuned data and unique perspective to make informed decisions that impact workplaces around the world.

To subscribe to monthly email alerts or obtain additional information about ADP Research, including employment and pay data, methodology, and a calendar of release dates, please visit https://www.adpresearch.com.

About ADP (NASDAQ: ADP)
ADP has been shaping the world of work with innovation and expertise for more than 75 years. As a global leader in HR and payroll solutions, ADP continuously works to solve business challenges for our clients and their workers, from simple, easy-to-use tools for small businesses to fully integrated platforms for global enterprises – and everything in between. Always Designing for People means we're focused on just that – people. We use our unmatched AI-driven insights and proven expertise to design innovative solutions that help people achieve greater success at work. More than 1.1 million clients across 140+ countries rely on ADP's exceptional service to support their people and drive their business forward. HR, Talent, Time Management, Benefits, Compliance, and Payroll. Learn more at ADP.com.

ADP, the ADP logo, and Always Designing for People, ADP National Employment Report, and ADP Research are registered trademarks of ADP, Inc. All other marks are the property of their respective owners.

Copyright © 2026 ADP, Inc. All rights reserved.

SOURCE ADP, Inc.

, /PRNewswire/ -- For the four weeks ending May 30, 2026, U.S. private employers added an average of 25,500 jobs per week, according to the NER Pulse, a weekly update of the monthly ADP National Employment Report (NER). 

Employment growth slowed for the fourth week. These numbers are preliminary and could change as new data is added.

ADP Research Week ending     

Change

(Four-week moving
average, seasonally
adjusted)

5/30/2026

25,500

5/23/2026

29,000

5/16/2026

30,500

5/9/2026

35,750

5/2/2026

40,750

4/25/2026

33,000

4/18/2026

30,250

4/11/2026

39,250

4/4/2026

40,250

3/28/2026

40,250

3/21/2026

26,000

3/14/2026

15,250

The NER Pulse is an estimate of the week-over-week change in employment based on a four-week moving average. These estimates are based on ADP's finely tuned, high-frequency data. The data is seasonally adjusted and have a two-week lag to allow for more complete and accurate estimates of real-time employment trends.

The NER Pulse, including 12 weeks of historical data, publishes every Tuesday at 8:15 a.m. ET, except weeks when ADP Research publishes the monthly National Employment Report which is built on a reference week that includes the 12th day of the month. The press release is available Tuesdays at 8:15 a.m. ET in the ADP Media Center. The NER Pulse is also available shortly after 8:15 a.m. ET on release days at ADP Research and in Main Street Macro.

The next NER Pulse will be released June 23, 2026. For upcoming release dates please refer to the calendar on the NER website.

The ADP National Employment Report and the NER Pulse are produced by ADP Research in collaboration with the Stanford Digital Economy Lab.

About ADP Research 
The mission of ADP Research is to make the future of work more productive through data-driven discovery. Companies, workers, and policy makers rely on our finely tuned data and unique perspective to make informed decisions that impact workplaces around the world.

To subscribe to monthly email alerts or obtain additional information about ADP Research, including employment and pay data, methodology, and a calendar of release dates, please visit https://www.adpresearch.com.

About ADP (NASDAQ: ADP)
ADP has been shaping the world of work with innovation and expertise for more than 75 years. As a global leader in HR and payroll solutions, ADP continuously works to solve business challenges for our clients and their workers, from simple, easy-to-use tools for small businesses to fully integrated platforms for global enterprises – and everything in between. Always Designing for People means we're focused on just that – people. We use our unmatched AI-driven insights and proven expertise to design innovative solutions that help people achieve greater success at work. More than 1.1 million clients across 140+ countries rely on ADP's exceptional service to support their people and drive their business forward. HR, Talent, Time Management, Benefits, Compliance, and Payroll. Learn more at ADP.com.

ADP, the ADP logo, and Always Designing for People, ADP National Employment Report, and ADP Research are registered trademarks of ADP, Inc. All other marks are the property of their respective owners.

Copyright © 2025 ADP, Inc. All rights reserved.

SOURCE ADP, Inc.

Automatic Data Processing drives growth through HCM transformation efforts and acquisitions. Its rising costs and industry competition pose challenges.

The Late-Stage Bull Market Is a Buying Opportunity for TechAutomatic Data Processing NASDAQ: ADP President and CEO Maria Black said the human capital management provider is seeing a “generally stable” but still muted labor environment, while positioning the company for what she described as a “defining moment” for the HCM industry.

Speaking with Tien-Tsin Huang, who covers payments processors and IT services at JPMorgan, Black said ADP’s data gives it a “front row seat” into labor, wage and employment trends, though she emphasized that the company is not in the business of predictive modeling.

Get ADP alerts:

3 Large Cap Stocks Announce Big Buyback Boosts Amid +20% FallsBlack pointed to ADP’s guidance for roughly 1% “pays per control” growth, which she described as a same-store-style measure of the number of pays per company at ADP. She said the company was pleased to see an uptick in the second and third quarters, allowing it to raise that guide back to roughly 1%.

“I think our lens is that it’s a relatively muted environment. It’s relatively stable,” Black said.

ADP Sees Stable Labor Trends, Some Sector Strength 3 Stocks That Benefit if Companies Cut Costs in 2026Black discussed ADP’s National Employment Report and its newer weekly “National Employment Report Pulse,” or NERP. She said the weekly number was 42,250, while the April report was 109,000. She characterized the broader labor backdrop as a “low hire, low fire” environment.

On the technology sector, Black said IT is still adding jobs, citing 11,000 in February, 16,000 in March and 4,000 in April. She also said some areas, including trades and hospitality, are showing growth, while other sectors remain under more pressure.

Black Says AI Adds Complexity, Not Less Demand for HCM Black said the rise of artificial intelligence is changing jobs and tasks, but she argued it does not reduce the need for payroll, compliance and workforce management systems.

“As AI gets infused into work, we don’t see the need to manage people and payroll and the very functions of HCM to go away,” Black said. “We actually see them becoming even more important.”

She highlighted the complexity of payroll, saying it must be “100% accurate 100% of the time,” and noted that regulatory requirements continue to expand. Black cited areas such as data privacy, data lodgment, federal and state regulatory conflicts, and the EU Pay Transparency Directive.

Black also emphasized ADP’s role in what she called the “final mile” of payroll: connections with regulators, carriers, brokers and banking institutions. She said ADP communicates with “tens of thousands of entities” to complete payroll accurately.

Pricing, Retention and AI Monetization Huang noted that ADP’s recent key performance indicators, including net-positive pricing, retention and client satisfaction scores, appeared to counter some investor concerns about AI disruption. Black said ADP’s model is based on value-based pricing and investments that create productivity and efficiency for clients.

Black said ADP is guiding to 130 basis points of price this year, up from 100 basis points. She said clients continue to ask ADP to bring more value and are willing to pay for it when the value is clear.

Asked whether ADP will monetize AI tools separately or through its normal pricing cadence, Black said the answer is “both.” She said AI can support ADP’s recurring revenue model through more bookings, longer client relationships and referrals. She also said there could be opportunities for new revenue lines, pointing to benchmarking, analytics and employment verification as examples of how ADP has already monetized data-driven tools.

Bookings, Competition and Lyric Black said ADP was pleased with year-to-date bookings momentum and described third-quarter performance as broad-based. She cited international operations, Compliance Solutions, Retirement Services and Insurance Services as areas of strength. She said the company is entering the fourth quarter with “good momentum” and “solid pipelines.”

Black also discussed ADP’s investments in sales headcount, tools and technology, including “The Zone,” a proprietary platform designed to use AI in the sales process by serving up the right lead, seller and offer at the right time.

On competition, Black said ADP operates in a “highly competitive” space and monitors peers closely. However, she said she has not seen anything unusual in the competitive environment. She added that ADP is distinctive because it spans the full spectrum of customers, from very small businesses to global employers with as many as 1 million employees.

Black described ADP’s Lyric platform as a “TAM expander” into enterprise HR. She said Lyric is architected at the employee level and supports “dynamic teams,” multiple reporting managers and task-based work, which she said is becoming more important as AI changes work patterns. She said Lyric, combined with Global Payroll across 140 countries, Global Time and WorkForce Software, has changed ADP’s conversations with enterprise and multinational clients.

Product Roadmap, PEO and Capital Allocation Black said ADP Assist is the company’s overarching framework for AI offerings inside its platforms. She said ADP Assist is deployed across HCM domains including payroll, time, benefits, HR and tax. One cited example was ADP Assist for payroll, which she said is shaving 30 minutes off the payroll cycle for users.

Black also pointed to digital transformation in the down market, including implementation and onboarding automation. She said ADP now has line of sight to “almost entirely automate” some onboarding work.

On the company’s professional employer organization, or PEO, Black said secular demand remains strong, supported by complexity in labor management, regulation and rising healthcare costs. She said roughly 50% of new PEO clients come from ADP’s existing client base, though not every ADP client is a fit for the PEO model.

Black also addressed the RUN/Clover partnership with Fiserv, saying her enthusiasm “only continues to grow.” She said RUN has been placed into the Clover platform and CashFlow Central into the ADP platform, with sales motions aligned between the teams.

Regarding capital allocation, Black said ADP stepped up share repurchases through the end of 2026 and referenced the company’s 51st year of dividends, calling ADP a Dividend King. She said ADP remains open to acquisitions, citing the recent PEI acquisition in Mexico and the $1.2 billion acquisition of WorkForce Software nearly two years ago.

Black closed by emphasizing client trust as a central advantage for ADP as the company navigates technological, economic and workforce changes.

About Automatic Data Processing NASDAQ: ADPAutomatic Data Processing, Inc (ADP) is a global provider of cloud-based human capital management (HCM) and payroll solutions. Founded in 1949 and headquartered in Roseland, New Jersey, ADP began as a payroll processing company and has evolved into a diversified provider of workforce management, HR, benefits administration, tax and compliance services, and analytics for employers of all sizes.

ADP's product portfolio includes payroll processing and tax filing, time and attendance systems, benefits administration, talent management, and HR outsourcing.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Key Takeaways ADP expands its global HCM and outsourcing reach with cloud-based multi-country solutions.ADP strengthened its HCM suite through acquisitions, including WorkForce Software.Automatic Data Processing paid $2.4 billion in dividends during fiscal 2025. Shares of Automatic Data Processing, Inc. (ADP - Free Report) have had a decent run over the past month. The stock has gained 9.5% against the 6.5% decline of the industry. The Zacks S&P 500 composite has gained 3.7% during the said time frame.

The company’s fourth-quarter fiscal 2026 earnings are expected to increase 14.6% year over year. Its 2026 and 2027 earnings are projected to rise 10.6% and 9.3%, respectively. Revenues are anticipated to grow 6.6% in 2026 and 5.5% in 2027.

Factors That Bode Well for ADPAutomatic Data Processing benefits from its three-tier business strategy, enabling it to sustain and strengthen its position as a leading Human Capital Management (HCM) technology and services provider. The company delivers a complete suite of cloud-based HCM and Human Resource Outsourcing (HRO) solutions. ADP is expanding its international HCM and HRO businesses with established local, in-country software and cloud-based multi-country solutions to broaden its presence across diverse markets.

The company also pursues buyouts as a driver for its overall growth. Acquisitions such as Celergo, WorkMarket, Global Cash Card and The Marcus Buckingham Company have enhanced ADP’s global capabilities, diversified its offerings and strengthened its competitive positioning. The recent acquisition of WorkForce Software has improved the company’s HCM solutions suite.

ADP continues to reward shareholders through consistent dividend payments and share repurchases. In fiscal 2025, 2024, 2023 and 2022, the company paid out $2.4 billion, $2.2 billion, $1.9 billion and $1.7 billion in dividends, respectively. Such moves indicate the company’s commitment to returning value to shareholders and underscore its confidence in its business.

ADP's current ratio (a measure of liquidity) at the end of the third-quarter fiscal 2026 was 1.04, lower than the industry average of 1.93. However, a current ratio of more than 1 often indicates that the company will be able to easily pay off its short-term obligations.

Risks to WatchADP faces significant competition in each of its product lines. Both its Employer Services and Professional Employer Organization Services segments compete with other independent business outsourcing companies in most of their operating regions. The company has observed a few negative impacts on its retention rate due to the rising competition and migration from the legacy business.

The outsourcing industry is labor-intensive and heavily dependent on foreign talent. Surging talent costs amid intensifying competition could limit the company’s ability to continue investing in technology and talent while balancing growth initiatives with profitability.

ADP’s Zacks Rank & Stocks to ConsiderAutomatic Data Processing currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Some better-ranked stocks from the broader Zacks Computer and Technology sector are Cisco Systems (CSCO - Free Report) and Dell Technologies (DELL - Free Report) .

Cisco Systems carries a Zacks Rank of 2 (Buy) at present. It has a long-term (next five years) earnings growth expectation of 9.6%.

CSCO delivered a trailing four-quarter earnings surprise of 2%, on average.

Dell Technologies has a Zacks Rank of 2 at present. It has a long-term earnings growth expectation of 22.3%.

DELL beat the Zacks Consensus Estimate in three of the last four reported quarters and missed once, with an average earnings surprise of 1.2%.

On May 27, 2026, we delve into the DCF analysis for Automatic Data Processing Inc ADP , a company currently facing mixed price performance with a year-to-date decline of 14.4% and a significant drop of 30.3% over the past year. Below are key highlights from our analysis:

DCF Earnings-based intrinsic value of $214.16 compared to the current price of $218.35 (margin of safety: -2.0%) DCF Free Cash Flow (FCF)-based intrinsic value of $226.17, providing a second opinion on valuation GF Score™ of 87/100 indicates a high reliability of the DCF inputs What Is ADP Worth? DCF Earnings-Based Model To determine the intrinsic value of ADP using a Discounted Cash Flow (DCF) model, we apply a two-stage approach. The first stage accounts for a high growth period over the next ten years, while the second stage estimates the terminal value based on a more stable growth rate. Below are the assumptions used in our DCF model:

Parameter Value Current EPS (TTM, excl. non-recurring) $10.74 10-Year Growth Rate 13.3% 10-Year Treasury Rate 4.47% Discount Rate (ceil(Treasury) + 6%) 11% Terminal Growth Rate 4% In the first stage, we project EPS growth at 13.3% annually for ten years, discounted at a rate of 11%. The calculated value for this growth stage is $120.41 per share. In the second stage, we apply a terminal growth rate of 4% for an additional ten years, which results in a terminal stage value of $93.75 per share. The summary of our calculations is as follows:

Stage Description Value Growth Stage (Years 1-10) EPS growing at 13.3%, discounted at 11% $120.41 Terminal Stage (Years 11-20) 4% terminal growth, discounted at 11% $93.75 Intrinsic Value Growth + Terminal $214.16 With the current price at $218.35, our intrinsic value of $214.16 indicates that ADP is fairly valued, with a margin of safety of -2.0%. It is important to note that GuruFocus uses EPS excluding non-recurring items, as research shows stock prices correlate more closely with earnings than with free cash flow. For further details, visit the ADP DCF Calculator.

What Does the Free Cash Flow DCF Say? In addition to the earnings-based DCF model, we also evaluated ADP using a Free Cash Flow (FCF)-based DCF model. The intrinsic value derived from the FCF analysis is $226.17. This value provides a second perspective on ADP's valuation, and when compared with the earnings-based intrinsic value of $214.16, we see a slight divergence. However, both models suggest that ADP is fairly valued, with the FCF model indicating a margin of safety of 3.5%.

How Does GF Value™ Compare to the DCF Models? According to GuruFocus, the GF Value™ for ADP is $301.91, indicating that the stock is 27.7% undervalued based on this proprietary measure. GF Value™ is calculated from historical trading multiples, past business growth, and future performance estimates. While the DCF models suggest that ADP is fairly valued, the GF Value™ presents a more optimistic view, suggesting that all three valuation methods (DCF earnings, DCF FCF, and GF Value™) provide differing perspectives on ADP's valuation. For more information, visit the GF Value™ page.

What Does ADP's GF Score™ Tell Us? The GF Score™ ranks stocks from 0 to 100 based on five key aspects: Financial Strength, Profitability, Growth, Valuation, and Momentum. Stocks with higher GF Score™ values have been found to generate higher long-term returns (backtested from 2006 to 2021). Below is a summary of ADP's GF Score™ metrics:

Metric Rating GF Score™ 87/100 Financial Strength 6/10 Profitability 9/10 Growth 10/10 Valuation 8/10 Momentum 2/10 With a predictability rank of 4/5 stars, this indicates that the DCF model is more reliable for ADP. For more details, visit the ADP stock page.

Key Assumptions and Limitations It is important to recognize that DCF models are highly sensitive to the assumptions made regarding growth rates and discount rates. Additionally, stocks with low predictability ratings tend to produce less reliable DCF estimates. The terminal growth rate of 4% is a simplifying assumption that may not fully capture the complexities of future growth.

What This Means for Investors In summary, the three valuation models—DCF earnings, DCF FCF, and GF Value™—provide a comprehensive view of ADP's valuation. While the DCF earnings model suggests a fair valuation, the FCF model indicates a slight undervaluation, and the GF Value™ suggests that ADP may be undervalued based on historical performance metrics. Overall, ADP appears to be fairly valued based on the DCF analysis, but the GF Value™ presents a more favorable outlook. For the full DCF analysis, visit the ADP DCF Calculator. You can also explore the GF Value™ page, or use the GuruFocus Stock Screener to find undervalued predictable companies.

Frequently Asked Questions What is ADP's intrinsic value based on DCF?

[Answer: earnings-based $214.16, FCF-based $226.17]

Is ADP overvalued or undervalued?

[Answer using DCF + GF Value™ consensus]

How reliable is the DCF model for ADP?

[Answer using predictability rank 4/5]

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Automatic Data Processing, Inc. (ADP) Presents at TD Cowen's 54th Annual Technology, Media & Telecom Conference Transcript

Throughout the first quarter of the year, the tech sector was a laggard as fears of an artificial intelligence (AI) bubble carried over from the selloff that began in October 2025.

But since the start of the second quarter, that corner of the market has rallied—so much so that it has now overtaken energy as the best performer among the S&P 500’s 11 sectors in 2026.

Get Salesforce alerts:

But within tech, there has been one notable omission from the rally: software. As fears over AI’s encroachment on the industry linger, beaten-down stocks operating in that space have amassed some of the worst year-to-date (YTD) losses across the market.

However, management at some software companies are viewing these corrections as a golden opportunity to take advantage of undervalued shares, signaling that they believe the market has mispriced their stocks.

For the following three companies, that is evidenced through enormous share repurchase authorizations that could prove to be prudent decisions in the long term.

Salesforce Announces Its Largest-Ever Stock BuybackSalesforce Today

$166.07 -0.38 (-0.23%)

As of 03:59 PM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$161.40▼

$276.80Dividend Yield1.06%

P/E Ratio19.22

Price Target$259.26

Authorized stock buybacks allow—but do not require—companies to repurchase their own stock. Regardless, San Francisco-based Salesforce NYSE: CRM is going all in.

The cloud software company, which focuses on customer relationship management and enterprise applications, announced a share repurchase program on March 16, the largest in its history.

The $25 billion accelerated stock buyback plan accounts for more than 14% of CRM’s shares outstanding.

According to the company’s press release, the plan calls for the repurchase of 103 million shares and “represents the immediate execution of half of the $50 billion aggregate Share Repurchase Program authorized by Salesforce’s Board of Directors in February 2026.”

Those 103 million shares account for approximately 80% of the total shares that the company anticipates repurchasing. From its Jan. 7 YTD high, CRM fell by more than 38% before hitting its YTD low on April 10. Since then, the stock has gained a modest 9.1%.

Of the 39 analysts currently covering Salesforce, 26 have assigned it a Buy rating. Overall, it receives a consensus Moderate Buy rating with an average 12-month price target that implies around 35% potential upside.

Adobe’s Repurchase Plan Aims to Take Advantage of a 5-Year LullAdobe Today

$204.02 -14.78 (-6.76%)

As of 04:00 PM Eastern

52-Week Range$196.90▼

$405.00P/E Ratio11.88

Price Target$285.73

On April 21, San Jose-based Adobe NYSE: ADBE announced a $25 billion stock repurchase authorization that will account for nearly 25% of the company’s shares outstanding.

According to a company press release, Adobe is aiming to return value to shareholders while minimizing dilution.

The plan is a “direct expression of confidence in [Adobe’s] robust cash flow and…long-term value,” says Dan Durn, executive vice president and CFO.

Shareholders are hoping the plan can serve as a shot in the arm for the sluggish stock. After posting a four-year average annual revenue growth rate of 21.31% from 2018 to 2021, Adobe has seen that metric fall to an average of just 10.77% over the past four years.

That resulted in a dramatic drop-off in the company’s net change in cash and equivalents, which fell from $472 million in 2024 to -$2.2 billion in 2025. Still, Adobe has beat earnings expectations for 13 consecutive quarters, and 15 of the last 17 dating back to Q1 FY2022.

But investors have had to endure some pain. Shares of ADBE have dropped around 28% YTD, about 40% over the past year, and more than 50% over the past five years. The stock is virtually flat since the company announced its share repurchase program, but based on analysts’ average 12-month price target, it could see approximately 35% potential upside.

Despite Its Impressive Earnings Streak, ADP Has Yet to Turn a CornerAutomatic Data Processing Today

ADP

Automatic Data Processing

$226.21 +0.44 (+0.19%)

As of 04:00 PM Eastern

52-Week Range$188.16▼

$315.98Dividend Yield3.01%

P/E Ratio21.10

Price Target$244.29

While a $6 billion share repurchase authorization may pale in comparison to the $25 billion announcements of the other two stocks on this list, New Jersey-based Automatic Data Processing NASDAQ: ADP plans to buy back 403 million common shares, or nearly 6% of the company’s shares outstanding.

Since ADP—which provides payroll processing, workforce management, HR, benefits administration, tax, and compliance services software—announced the program on Jan. 14, the stock went on to lose nearly 27% before hitting its YTD low on April 10. Since then, the stock has rallied more than 16%.

That has been welcome news to investors who saw revenue growth fall from a four-year high of nearly 10% in 2022 to just over 7% in 2025. Still, ADP has managed to beat earnings expectations for an impressive 24 consecutive quarters dating back to Q4 FY2020, and 34 out of 35 quarters dating back to Q4 FY2017.

Analysts are maintaining a tepid outlook, though, with the stock receiving a consensus Hold rating and a 12-month price target that implies around 13% potential upside.

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MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Salesforce wasn't on the list.

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, /PRNewswire/ -- Private sector employment increased by 122,000 jobs in May and pay was up 4.4 percent year-over-year according to the May ADP National Employment Report® produced by ADP Research in collaboration with the Stanford Digital Economy Lab ("Stanford Lab").  

ADP Research The ADP National Employment Report is an independent measure of the labor market based on the anonymized weekly payroll data of more than 26 million private-sector employees in the United States. ADP's Pay Insights captures over 15 million individual pay change observations each month. Together, the jobs report and pay insights use ADP's fine-grained data to provide a representative and highfrequency picture of the private-sector labor market.

"Hiring was more broad-based in May than we've seen in the last few years," said Dr. Nela Richardson, chief economist, ADP. "The labor market continues to show sustained momentum going into the summer hiring season."

May 2026 Report Highlights

View the ADP National Employment Report and interactive charts at www.adpemploymentreport.com.

JOBS REPORT 

Private employers added 122,000 jobs in May
Eight out of 10 supersectors showed gains last month, and employers of all sizes were hiring.

Change in U.S. Private Employment:     122,000

Change by Industry

- Goods-producing:     8,000

Natural resources/mining     -3,000  Construction     8,000  Manufacturing     3,000 - Service-providing:     114,000

Trade/transportation/utilities     36,000  Information     -9,000  Financial activities     7,000  Professional/business services     11,000  Education/health services     57,000  Leisure/hospitality     8,000  Other services     4,000  Change by U.S. Regions

- Northeast:     35,000  

New England     18,000  Mid-Atlantic     17,000  - Midwest:     21,000 

East North Central     13,000  West North Central     8,000  - South:     23,000 

South Atlantic     -12,000  East South Central     14,000  West South Central     21,000  - West:     45,000 

Mountain     20,000  Pacific     25,000  Change by Establishment Size

- Small establishments:     67,000 

1-19 employees     49,000  20-49 employees     18,000  - Medium establishments:     17,000 

50-249 employees     10,000  250-499 employees     7,000  - Large establishments:     40,000 

500+ employees     40,000  PAY INSIGHTS 

Pay for job-stayers rose 4.4 percent in May
Year-over-year pay growth for job-stayers was steady at 4.4 percent. For job-changers, the pace of growth slowed slightly, to 6.5 percent from 6.6 percent in April.

Median Change in Annual Pay 

- Job-stayers     4.4% 
- Job-changers     6.5% 

Median Change in Annual Pay for Job-Stayers by Industry

- Goods-producing:     

Natural resources/mining     4.2%  Construction     4.5%  Manufacturing     4.8% - Service-providing:          

Trade/transportation/utilities     4.4% Information     4.0% Financial activities     5.1% Professional/business services     4.1% Education/health services     4.2% Leisure/hospitality     4.5% Other services     4.1% Median Change in Annual Pay for Job-Stayers by Firm Size

- Small firms:       

1-19 employees     2.5% 20-49 employees     4.1% - Medium firms:  

50-249 employees     4.7% 250-499 employees     4.8% - Large firms:       

500+ employees     4.8% To see Pay Insights by U.S. State, Gender, and Age for Job-Stayers, visit here: 

The April total number of jobs added was revised from 109,000 to 105,000. 

For additional information about the ADP National Employment Report, including historical files, employment and pay data, methodology, and a calendar of release dates, please visit https://adpemploymentreport.com/.     

The June 2026 ADP National Employment Report will be released on July 1, 2026 at 8:15 a.m. ET.

About ADP Research
The mission of ADP Research is to make the future of work more productive through data-driven discovery. Companies, workers, and policy makers rely on our finely tuned data and unique perspective to make informed decisions that impact workplaces around the world. 

To subscribe to monthly email alerts or obtain additional information about ADP Research, including employment and pay data, methodology, and a calendar of release dates, please visit https://www.adpresearch.com.      

About ADP (NASDAQ: ADP)
ADP has been shaping the world of work with innovation and expertise for more than 75 years. As a global leader in HR and payroll solutions, ADP continuously works to solve business challenges for our clients and their workers, from simple, easy-to-use tools for small businesses to fully integrated platforms for global enterprises – and everything in between. Always Designing for People means we're focused on just that – people. We use our unmatched AI-driven insights and proven expertise to design innovative solutions that help people achieve greater success at work. More than 1.1 million clients across 140+ countries rely on ADP's exceptional service to support their people and drive their business forward. HR, Talent, Time Management, Benefits, Compliance, and Payroll. Learn more at ADP.com 

ADP, the ADP logo, and Always Designing for People, ADP National Employment Report, and ADP Research are registered trademarks of ADP, Inc. All other marks are the property of their respective owners. 

Copyright © 2026 ADP, Inc. All rights reserved.

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SOURCE ADP, Inc.